Supply And Demand Trivia Quiz
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Demand
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Is the amount supplied
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The quantity desired by the people at a certain price level
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Is what people what at a certain time
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About This Quiz
To test the knowledge of students on the topic of supply and demand.
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- 2.
Price is the determining factor of both suppy and demand?
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True
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False
Correct Answer
A. TrueExplanation
Price is indeed the determining factor for both supply and demand. When the price of a product or service increases, the quantity supplied by producers also tends to increase as they are motivated to supply more at higher prices. On the other hand, when the price decreases, the quantity supplied decreases as well. Similarly, when the price of a product or service increases, the quantity demanded by consumers tends to decrease as they are less willing or able to purchase at higher prices. Conversely, when the price decreases, the quantity demanded increases. Therefore, price plays a crucial role in influencing both supply and demand in the market.Rate this question:
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- 3.
The demand curve has a slope.
Correct Answer
downwardExplanation
The demand curve has a downward slope because as the price of a good or service increases, the quantity demanded by consumers decreases. This is because higher prices make the good or service less affordable, leading to a decrease in demand. Conversely, as the price decreases, the quantity demanded increases as the good or service becomes more affordable. This inverse relationship between price and quantity demanded is represented by a downward sloping demand curve.Rate this question:
- 4.
The law of supply clearly states that
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The more people want the more supplied
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The lower the price level the more produced
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The higher the price level the more produced
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What is supplied is all that is available
Correct Answer
A. The higher the price level the more producedExplanation
According to the law of supply, the higher the price level, the more produced. This is because as the price increases, producers are motivated to supply more of the product in order to maximize their profits. Higher prices make it more profitable for producers to invest in the production process and allocate more resources towards increasing output. Therefore, the relationship between price level and quantity supplied is positive, indicating that an increase in price leads to an increase in the quantity produced.Rate this question:
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- 5.
The law of demand states that at a higher price people will demand wil be demanded.
Correct Answer
less; moreExplanation
The law of demand states that as the price of a good or service increases, the quantity demanded by consumers decreases. This means that at a higher price, people will demand less of the product. On the other hand, when the price of a good or service decreases, the quantity demanded by consumers increases. Therefore, at a lower price, more of the product will be demanded.Rate this question:
Quiz Review Timeline (Updated): Mar 17, 2022 +
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Current Version
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Mar 17, 2022Quiz Edited by
ProProfs Editorial Team -
Nov 12, 2008Quiz Created by
Maryam01
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